Camelot is voting Abstain for this proposal.
We agree the treasury should be put to work: assets sitting idle are a missed opportunity for the DAO. That said, an approach that is exclusively yield-oriented is, in our view, myopic.
We were one of the few recipients of the last treasury allocation, which testifies to Camelot’s key role in the ecosystem. We were the only Arbitrum exclusive protocol to receive funds. While the other choices make sense on paper, they don’t necessarily favor the specific development of the chain or the teams that have been investing more heavily, in the past or currently, in our ecosystem with a particular focus on Arbitrum.
We also see a lot of confusion in how ATMC has evolved. In the first round the process was open (protocols could submit proposals, though few were selected). The process was fairly long with an open approach to proposals in terms of submission, but not in terms of discussion; the risk parameters the commission was looking for to decide on an allocation were not clear enough, and the end result was that we only had allocations in Lido-staked ETH, AAVE, Fluid, and Camelot, with our protocol being effectively 100% focused on Arbitrum. Note that this doesn’t mean that allocations can’t go to multi-chain ones, because we do understand how, for example, AAVE is the leading lending market on our chain, to name just one of the chosen protocols. But the end result of the previous round was quite underwhelming compared to the initial set of expectations.
We were hoping to have more clarity beforehand for this round. This doesn’t necessarily mean having a granular list at this moment, before the voting, but instead understanding what the outcome will be and what we can reasonably expect for our chains and protocols.
We think the goal of the DAO with its treasury should be to produce yield and foster growth. It doesn’t necessarily have to happen in this round, but setting a clear path ahead is necessary to avoid what seems like a partial plan, with some key decisions potentially taken at the last minute.